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Table of Contents

    • About the Author
    • Acknowledgments
    • Preface
    • 1Fundamental Concepts in Economics
      • 1.1What Is Economics?
      • 1.2Key Principles of Economics: Scarcity, Trade-offs, and Opportunity Costs
      • 1.3Key Principle of Economics: People Respond to Incentives
      • 1.4A Brief Introduction to Collective Action Problems
      • 1.5How Economists Analyze Economic Issues
      • 1.6Conclusion
      • 1.7Experiment
    • 2Cost–Benefit Analysis and the Value of a Life

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      • 2.1Cost–Benefit Analysis

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      • 2.2Applying Cost–Benefit Analysis to Life

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      • 2.3Using Cost–Benefit Analysis to Determine an Appropriate Level of Safety

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      • 2.4Problems and Pitfalls of Cost–Benefit Analysis When Life Is Involved

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      • 2.5Approaches to Valuing a Life

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      • 2.6Conclusion

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      • 2.7Experiment

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    • 3Supply and Demand

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      • 3.1Demand

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      • 3.2Supply

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      • 3.3Equilibrium

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      • 3.4Changes in Supply and Demand

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      • 3.5Factors that Shift Supply and Demand

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      • 3.6The Price Elasticity of Supply and Demand

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      • 3.7Conclusion

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      • 3.8Experiment

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    • 4Basic Game Theory: Exploring Strategic Interactions

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      • 4.1What Is Game Theory?

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      • 4.2The Basic Structure of Games

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      • 4.3The Basic Types of Games

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      • 4.4Conclusion

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      • 4.5Experiment

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    • 5Free Exchange: Individual and International Trade

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      • 5.1Comparative Advantage, Exchange, and Wealth Creation

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      • 5.2Restrictions on Free Exchange

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      • 5.3International Trade and Not-So-Free Exchange

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      • 5.4Conclusion

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      • 5.5Experiment

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    • 6The Market System: Functions, Structure, and Institutions

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      • 6.1The Market System: Its Functions and Structure

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      • 6.2The Four Functions of Prices in the Market System

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      • 6.3The Foundations of Well-Functioning Markets: A Role for Government

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      • 6.4Connecting Effort and Reward: An Illustration

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      • 6.5Conclusion

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      • 6.6Experiment

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    • 7The Nature of Pollution Problems

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      • 7.1Externalities

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      • 7.2Pollution Problems (Negative Externalities) and Disagreements over the Competing Uses of Scarce Resources

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      • 7.3How Much Pollution Is the Right Amount of Pollution?

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      • 7.4The Coase Theorem

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      • 7.5Why the Coase Theorem May Not Work: Transactions Costs

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      • 7.6Conclusion

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      • 7.7Experiment

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    • 8Government Policies to Regulate Pollution

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      • 8.1Four Major Types of Transactions Costs

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      • 8.2Regulating Pollution in an Ideal World

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      • 8.3Tools Governments Use to Regulate Pollution

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      • 8.4Conclusion

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      • 8.5Experiment

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    • 9Resource Depletion and Sustainability

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      • 9.1Will the World Run Out of Oil?

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      • 9.2What Resources Are in Danger of Depletion?

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      • 9.3The Tragedy of the Commons

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      • 9.4How Can Society Fix Depletion Problems?

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      • 9.5Conclusion

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      • 9.6Experiment

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    • 10Public Goods and the Role of Government

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      • 10.1Public Versus Private Goods

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      • 10.2How Nonexcludability Leads to Free Riding and the Public Goods Problem

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      • 10.3Property Rights and the Public Goods Problem

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      • 10.4How Governments Can Overcome the Public Goods Problem

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      • 10.5Conclusion

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      • 10.6Experiment

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    • 11Public Goods: Tackling Large Projects and Eminent Domain

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      • 11.1The Role of Individuals in Large Projects

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      • 11.2The Role of Government in Large Projects

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      • 11.3Conclusion

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      • 11.4Experiment

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    • 12The Volunteer’s Dilemma: A Collective Inaction Problem

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      • 12.1What Is the Volunteer’s Dilemma?

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      • 12.2If Apathy Doesn’t Explain the Volunteer’s Dilemma, What Does?

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      • 12.3Game Theory and the Volunteer’s Dilemma

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      • 12.4Mixed-Strategy Play and the Volunteer’s Dilemma

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      • 12.5Overcoming the Volunteer’s Dilemma

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      • 12.6Conclusion

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      • 12.7Experiment

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    • 13Voting: You Can’t Always Get What You Want

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      • 13.1An Introduction to Voting Methods

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      • 13.2Conventional Political Elections and the Median Voter Theorem

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      • 13.3Strategic Voting and the Order of Events in Runoff Elections

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      • 13.4Conclusion

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      • 13.5Experiment

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    • 14The Economics of Health Insurance and Health Care

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      • 14.1The Current State of the U.S. Health Care System

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      • 14.2Health Care Delivery and Finance Systems: An International Comparison

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      • 14.3How Health Care Finance May Affect the Affordability of Health Care

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      • 14.4Conclusion

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      • 14.5Experiment

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    • 15Segregation and Discrimination

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      • 15.1The Segregation of Neighborhoods and Schelling’s Checkerboard

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      • 15.2Does Your Neighborhood Determine Your Future Well-Being?

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      • 15.3Labor Market Discrimination

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      • 15.4How Economists Detect and Measure Discrimination

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      • 15.5Anti-Discrimination Legislation

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      • 15.6Conclusion

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      • 15.7Experiment

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    • 16Gross Domestic Product and the Wealth of Nations: An Introduction to the Macroeconomy

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      • 16.1Macroeconomics and How It Differs from Microeconomics

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      • 16.2Material Well-Being and Gross Domestic Product

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      • 16.3Nominal GDP and Real GDP

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      • 16.4Shortcomings of GDP

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      • 16.5Economic Growth

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      • 16.6Business Cycles and Recessions

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      • 16.7Conclusion

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      • 16.8Real-Time Data Analysis Activity

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    • 17Unemployment

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      • 17.1What Is Unemployment?

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      • 17.2Shortcomings of the Measured Unemployment Rate

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      • 17.3Types of Unemployment

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      • 17.4Policy Implications of Unemployment

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      • 17.5Conclusion

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      • 17.6Real-Time Data Analysis Activity

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    • 18An Introduction to Money, Banks, and the Financial System

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      • 18.1Money and Its Functions

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      • 18.2The Evolution of Money and the Origins of the Modern Banking System

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      • 18.3Commercial Banks, Central Banks, and Money Creation

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      • 18.4The Banking System and the Money Supply

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      • 18.5Financial Instruments and their Functions

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      • 18.6Conclusion

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      • 18.7Real-Time Data Analysis Activity

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    • 19The Federal Reserve: Monetary Policy, Economic Activity, and Inflation

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      • 19.1The Origins of the Federal Reserve and Its Tools of Policy

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      • 19.2The Money Supply, Interest Rates, and Monetary Policy

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      • 19.3The Art and Implementation of Monetary Policy

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      • 19.4Money and Inflation

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      • 19.5Conclusion

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      • 19.6Real-Time Data Analysis Activity

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    • 20The Federal Government: Taxes, Spending, and Fiscal Policy

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      • 20.1Government Revenue

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      • 20.2Government Expenditures, Deficits, and Debt

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      • 20.3The Future of the Federal Budget

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      • 20.4The Federal Government and Fiscal Stabilization Policy

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      • 20.5Conclusion

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      • 20.6Real-Time Data Analysis Activity

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    • 21Income Inequality and the Redistribution of Income

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      • 21.1How Is Inequality Measured?

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      • 21.2How Unequal Is the Distribution of Income in the United States?

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      • 21.3What Are the Causes and Effects of Income Inequality?

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      • 21.4What Is the Role of Government in Promoting Equality?

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      • 21.5Conclusion

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      • 21.6Experiment

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